DeathAndTaxes (OP)
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Gerald Davis
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January 19, 2014, 11:15:47 PM |
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Just one example. http://shinybars.com/t/paymentoptionsSimplified you have three options: CC = fast + 3% more expensive "Bank stuff" = slow + 3% cheaper Bitcoin = fast + 3% cheaper |
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"The nature of Bitcoin is such that once version 0.1 was released, the
core design was set in stone for the rest of its lifetime." -- Satoshi
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Bitcoi2n2n
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January 19, 2014, 11:17:40 PM |
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BTC though: Unstable rates...
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Remember remember the 5th of November
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Reverse engineer from time to time
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January 20, 2014, 12:21:54 AM |
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Actually on a local supermarket that I frequent to it takes about 30-60 seconds to complete a payment with a CC, really slow and by the time it finishes, a huge line has formed. With Bitcoin, if the supermarket provides their own free Wi-Fi, to which their own bitcoind is connected to, it will make the transaction way faster than a CC and best part, you don't need to wait for change, you pay the exact amount and just leave. |
BTC:1AiCRMxgf1ptVQwx6hDuKMu4f7F27QmJC2
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Starscream
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January 20, 2014, 02:39:46 AM |
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BTC though: Unstable rates...
For now  Market will stable in the upcoming years and so will the price. |
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Johnny Bitcoinseed
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Johnny Bitcoinseed
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January 20, 2014, 08:49:34 AM |
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Also consider this: for many grocery stores the profit margin is only about 3% of the sale. Very low indeed. Stores accepting Bitcoin will not have to pay the 2 to 3% credit card fees - effectively DOUBLING the profit margin.
Alternatively, the store could reduce prices.
A win-win for everyone. Well, everyone but the credit card companies.
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Kazimir
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January 20, 2014, 10:48:05 AM |
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With Bitcoin, if the supermarket provides their own free Wi-Fi, to which their own bitcoind is connected to, They don't even need bitcoind or Wi-Fi (well, maybe optional Wi-Fi so customers can send payments even if they don't have mobile internet). The supermarket just needs to display their own addresses, and customers can send money. No need at all for the supermarket to host the complete wallet right there at te spot. |
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Kazimir
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January 20, 2014, 10:50:08 AM |
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BTC though: Unstable rates...
USD has unstable rates. Yesterday 1 $ was 1.15 mBTC, today it is 1.05 mBTC. Can't use a volatile currency like that. (it's all a matter of perspective) |
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Sutters Mill
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January 20, 2014, 01:03:41 PM |
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BTC though: Unstable rates...
USD has unstable rates. Yesterday 1 $ was 1.15 mBTC, today it is 1.05 mBTC. Can't use a volatile currency like that. (it's all a matter of perspective) I like the sentiment of this. My first reaction was 'yeah but that's because of the movement in Bitcoin, not in the USD', but it al amounts to the same thing. THe USD could easily be valued by its worth in Bitcoin. Good point. |
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e521
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January 20, 2014, 01:07:06 PM |
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BTC though: Unstable rates...
USD has unstable rates. Yesterday 1 $ was 1.15 mBTC, today it is 1.05 mBTC. Can't use a volatile currency like that. (it's all a matter of perspective) I like the sentiment of this. My first reaction was 'yeah but that's because of the movement in Bitcoin, not in the USD', but it al amounts to the same thing. THe USD could easily be valued by its worth in Bitcoin. Good point. That could be a valid statement only bitcoin is adopted as much as US Dollars. Until then, you check the price of bitcoins in dollars, not the opposite. |
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Cryptopher
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Keep it dense, yeah?
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January 20, 2014, 01:28:03 PM |
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BTC though: Unstable rates...
USD has unstable rates. Yesterday 1 $ was 1.15 mBTC, today it is 1.05 mBTC. Can't use a volatile currency like that. (it's all a matter of perspective) I like the sentiment of this. My first reaction was 'yeah but that's because of the movement in Bitcoin, not in the USD', but it al amounts to the same thing. THe USD could easily be valued by its worth in Bitcoin. Good point. Lol yeah, perspective is usually trumped by relevance though. Maybe one day  |
Sign up to Revolut and do the Crypto Quiz to earn $15/£14 in DOT |
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hilariousandco
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Join the world-leading crypto sportsbook NOW!
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January 20, 2014, 01:52:14 PM |
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Tell this to the masses. They wont listen. Merchants might though. We need to target them first, then the rest will follow, |
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Kungfucheez
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January 20, 2014, 02:49:50 PM |
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BTC though: Unstable rates...
USD has unstable rates. Yesterday 1 $ was 1.15 mBTC, today it is 1.05 mBTC. Can't use a volatile currency like that. (it's all a matter of perspective) USD has unstable rates Compared to what, the rate of 1btc  National currency usually doesn't fluctuate in value +/- 10-12% in a day  That would be horrific |
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jodax
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January 20, 2014, 03:38:28 PM |
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IMO, BTC shines as an asset, and performs poorly when compared to "standard" payment methods.
First, BTC's main pluses (anonymity, cheaper transaction rates) are not valuable in day-to-day purchasing activity. Why would I pay with BTC instead of American Express? What advantages does it have for going to the grocery store? You lose all of the protections offered from an established payment processor (i.e. - purchase protection, fraud protection, extended warranty, etc.). A small processing time (30 seconds?) is not enough to sell me on BTC for my purchasing needs.
Next, accepting BTC is not free. Companies offering BTC merchant services will still levy a fee. Will the fee schedule be easier to read than today's interchange rates for CCs? Most likely yes; however, the fact remains there is a standard fee (in the range of 3%) for all electronic payments, and no reason to believe accepting BTC payments will be any cheaper.
Finally, as has been established in this thread already, the variable price makes purchasing with BTC undesirable. I like to know in concrete terms how much my purchase will cost. Even today, if I try to purchase with BTC it invariable costs more in BTC than I anticipated. No one can say just how much a BTC costs in USD at any given time, and until that level of variability is eliminated (if ever), BTC will remain an investment (speculation?) vehicle instead of an accepted currency.
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Sutters Mill
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January 20, 2014, 03:57:11 PM |
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Congratulations on the coin |
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MtFox
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January 20, 2014, 04:00:36 PM |
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Credit cards will stay for sometime. They wont go anywhere soon.
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hilariousandco
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January 20, 2014, 04:02:25 PM |
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Credit cards will stay for sometime. They wont go anywhere soon.
Credit and credit cards will always exist, unless somebody starts giving out Bitcoin credit. |
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kwest
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January 20, 2014, 04:03:35 PM |
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Congratulations on the coin har har har.. took me a while to get that one.  I should really exploit my nickname / initials more. |
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hilariousandco
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January 20, 2014, 04:15:28 PM |
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Congratulations on the coin har har har.. took me a while to get that one. I should really exploit my nickname / initials more. Yo Coinye, I'ma let you finish, but Bitcoin is the best crypto OF ALL TIME! ONE OF THE BEST CRYPTOS OF ALL TIME!  |
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Dabs
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The Concierge of Crypto
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January 20, 2014, 04:16:29 PM |
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The way I see it, bitcoin is useful as payment for anything that needs clearing time, like bills. Bitcoin then is like a check that is accepted in seconds, cleared in minutes and confirmed in hours.
Electricity, subscriptions, house rental or payment, ... maybe not the grocery or the coffee shop, but your car oil change could accept bitcoins. Insurance premiums. Fees for licenses or permits.
Stuff that normally takes more than a few minutes to finish.
Hospital bill. Any physical good on the internet. Amazon. Newegg. Karate lessons. School tuition.
Like I said, most fast food is out. But many things can wait a block.
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